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September and October 2011: Strong Third Quarter!

GTA Realtors reported 7,658 transactions through the Toronto MLS system in September 2011, representing a 25% increase compared to September 2010. In the first three quarters of 2011, we have seen 70,588 real estate transactions, a 2.6% increase compared to the first three quarters of 2010.

However, the shortage of listings experienced so far this year has improved only slightly. Competition continues between home buyers, leading to even higher home prices—by close to 10% year-over-year. October 2011 witnessed 3,477 transactions during the first two weeks, an increase of 20% compared to the same period last year. The average selling price for the first two weeks of October was $475,743, a 7.5% year-over-year increase. Thankfully, the interest rates are still at a record-low, helping to balance out the high prices.

All in all, this year has thus far been the second best year for sales under the current TREB market area. As the market becomes “better supplied”, we should see a more balanced market in 2012. So far in October, we’re already seeing more listings—a 21% increase in new listings compared to the first two weeks of October 2010 beat the growth of sales for the same year-over-year comparison by 1%.

Based on reports from the Toronto Real Estate Board.

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